Here are the key factors to keep in mind today for Euro trades:
- Eurozone PMI: Forex traders received the final revision to the April data which offered a more upbeat picture than expected. Italy and France performed much stronger while Germany was weaker than previously reported. The Italian Composite PMI now stands at 53.9 for April while the Italian Services PMI came in at 53.1. Economists expected the Composite PMI to rise to 52.7 from the previously reported 52.4 while the Services PMI was expected to rise to 52.0 from 51.6. The French Composite PMI stands at 50.6 for April while the French Services PMI came in at 51.4. Economists expected the Composite PMI to rise to 50.4 from the previously reported 50.2 while the Services PMI was expected to remain unchanged at 50.8. The German Composite PMI was revised down to 54.1 for April while the German Services PMI was revised down to 54.0. Economists expected the Composite PMI to remain unchanged at 54.2 while the Services PMI was expected to remain unchanged at 54.4. The Eurozone Composite PMI now stands at 53.9 for April while the Eurozone Services PMI came in at 54.1. Economists expected the Composite PMI to remain unchanged at 53.5 while the Services PMI was expected to remain unchanged at 53.7.
- Eurozone Retail Sales: Consumers spend less in March as retail sales contracted by 0.8% monthly, but did post an annualized increase of 1.6%. Economists expected a monthly contraction of 0.7% and an annualized increase of 2.4%. Forex traders can compare this to the 0.1% increase reported in February monthly and the annualized increase of 2.8%.
Here is the key factor to keep in mind today for New Zealand Dollar trades:
- New Zealand Employment Report: The first-quarter employment change showed an increase of 0.7% quarter-over-quarter and 3.2% annualized. Economists expected an increase of 0.8% quarterly and 3.3% annualized. Forex traders can compare this to the fourth-quarter’s increase of 1.2% quarterly and 3.6% annualized. The unemployment rate remained unchanged at 5.8% which can be compared to expectations which called for a decrease of 0.3% to 5.5%. Average hourly earnings rose only 0.2%. Economists expected an increase of 0.9% in the first-quarter which can be compared to the fourth-quarters increase of 0.4%.
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